ATS gains $20m; settles score with Carbomedics
This article was originally published in Clinica
Cardiac surgery products manufacturer ATS Medical has strengthened its balance sheet after gaining $20m in equity financing from Essex Woodlands Health Ventures. Minneapolis, Minnesota-based ATS issued to Essex around 8.5 million shares of its common stock at a purchase price of $2.35 per share, and warrants to purchase over 2.5 million shares of common stock. The warrants are exercisableat $2.475 per share in the first year after the closing, $2.85 per share in the second year, and $3.10 thereafter. As part of the financing, Martin Sutter, Essex co-founder and managing director, has joined ATS' board of directors.